U.S. government debt yields rose Wednesday morning after a report showed that companies continued to hire at a quick pace in October, suggesting further economic strength.
ADP and Moody's Analytics said private payrolls increased by a better-than-expected 227,000 over the month; economists polled by Refinitiv had expected growth of 189,000 positions. Construction and manufacturing each added 17,000 each, according to the report.
At around 4:02 p.m. ET, the yield on the benchmark 10-year Treasury note, was higher at around 3.149 percent, while the yield on the 30-year Treasury bond was also higher at 3.391 percent. Bond yields move inversely to their prices.
The latest employment data from ADP and Moody's comes two days ahead of the Labor Department's monthly report on the employment situation in the United States. Investors will scrutinize the release on Friday for both the number of jobs added in the month of October, but also for any signs of rising wages.
Market sentiment has been hit by a confluence of factors in recent weeks, ranging from intensifying global trade tensions, worries about economic growth, rising U.S. interest rates and company earnings.